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Putin takes a dig at 'so-called' G7, stresses BRICS nations' 40% share of world GDP
Putin said that over the last five years, more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18%.
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Russian President Vladimir Putin took a dig at the ‘Group of Seven’ (G7) on Friday on the sidelines of the BRICS summit in New Delhi, saying that it is the latter group of countries which has contributed to over 40 per cent of the world GDP in the last five years as compared to the “so-called” G7.
“Over the last five years, more than 40 per cent of the world GDP has been produced by the BRICS countries, whereas the contribution of the so-called G7, the Group of Seven, I don't know why they call that the Group of Seven, stands at only 29 per cent," Putin said.
The Russian President made the remarks at the BRICS Business Forum on Friday.
Deep Dive
He said that the “world is always changing, and this is attested to by the objective facts of the last five years” before highlighting the economic contribution of the BRICS nations.
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BRICS is a global group of eleven major developing countries of the world which includes Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and United Arab Emirates. It is a platform for consultation and cooperation on contemporary issues having global as well as regional significance, and issues of global political and economic governance.
The Russian President also cited some other figures highlighting how BRICS has driven the growth of world economy. He said that over the last five years, more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18%.
Speaking about the reason behind this, Putin said, “The answer is simple. The BRICS countries account for more than half of the world's population, and that is why they have great, dynamic, vibrant domestic markets. Our countries see an explosion of growth of urban settlements. Urbanisation is happening very fast, and national companies are on the ascendant, demonstrating themselves to be... world leaders.”
He then went on to hail several big firms of BRICS countries, including India's Mahindra, China's Huawei, Brazil's Embraer, UAE's DPO, and Russia's Rosatom among others.
Also read: BRICS power parade: Modi, Pezeshkian, Putin, Ramaphosa strike a stunning frame
“Mahindra, a company from India, offers IT and AI-based solutions. The Chinese Huawei is a global technological giant of world renown, whereas Brazil's Embraer has strong positions in the aerospace industry, whereas DPO from the UAE is a company that is working efficiently in logistics, whereas Russia's Rosatom has been recognised as the world's top one company in peaceful nuclear energy. And there are many other success stories from our business community, but behind each and every one of them is hard work on a daily basis,” he said.
‘Backbone of international economic relations’
During his address, Putin also stressed upon the significance of “business-to-business” ties between countries and how they can help the world “overcome the problems it is facing”.
“It is evident that reliable business-to-business ties and economic partnerships are the backbone of international economic relations. They help build these relations in a stronger, resilient manner. They help overcome the problems the world is facing. And right now, the world is undergoing structural, deep, profound shifts,” Putin said.
